What’s The Difference Between Greece And The United States?

Four more years of Barack Obama.

You know all those stories you’ve seen about all those countries like Greece, Portugal and Ireland going broke from their massive debts?  Well, if you add up ALL the debt from ALL the Eurozone countries–and throw in the Brits, too—you still won’t have as much debt as the US by itself:

us debt vs EU

Believe it or not, that’s not the bad news.  No, this chart showing what US debt will do under President Obama/Democrats’ budget proposals is:

chart obama debt projection

So take that big, red bar up there and keep growing it $1 trillion a year—every year—without stopping. That’s the Obama budget plan.  We never spend less. We never reduce our debts. We never stop selling out our kids and grandkids’ futures.

Ever.

But as economist Milton Friedman pointed out, “if something can’t go on forever, it won’t.” Just like Greece and Portugal and Ireland and (soon) Italy and Spain, America won’t be able to find anyone willing to loan us money anymore.  At some point under Obama’s plan, when we’re $30 trillion or more in debt, the Chinese and Germans will run out of money to lend us.  They’ll demand we start paying them back.

What will our kids do then?  The kids whose parents are also counting on them to keep paying their Social Security and Medicare?  How will they respond when their parents tell them “You have to give 80 percent of your income to us and to our debts—good luck buying a house or raising a family of your own on the other 20 percent!”

How will they respond? Ask yourself: How would YOU?

 

Michael Graham
Radio talk show host, columnist for the Boston Herald, stand-up comic and former GOP political consultant. Learn more about Michael here.

Natural Truth of the Day

For several months now, whenever the topic of enrollment in the Affordable Care Act came up, I've been saying that it was too soon to tell its ultimate effects. We don't know how many people have paid for their new insurance policies, or how many of those who bought policies were previously uninsured. For that, I said, we will have to wait for Census Bureau data, which offer the best assessment of the insurance status of the whole population... I stand corrected: These data won't be available at all. Ever.-- Megan McArdle, Bloomberg View.